Singapore Petroleum Company Established in 1969, the Singapore Petroleum Company (SPC) started refining oil in the 1970s. It built its first refinery on Pulau Merlimau in 1973. SPC continued to expand its refining capabilities and capacity in the 1980s. Through partnerships with international oil firms such as BP and Caltex, the Singapore Refining Company was formed in 1979. Over the course of the 1980s and 1990s, it became a supplier of liquefied petroleum gas (LPG), chemical naphtha, motor gasoline, aviation fuel, diesel, fuel oil, asphalt and sulphur, as well as a storage and terminal operator. It has operations on Pulau Sebarok in Singapore and at various sites in southern China.
As well as establishing a reputation as a supplier of refined petroleum products, SPC ventured into oil and gas exploration and production in Indonesia, Vietnam and Cambodia in the 2000s.
In 1990, SPC was listed on the Singapore Exchange. In 2004, it purchased half of BP’s refining capacity in the Singapore Refining Company, as well as BP’s 28 stations and retail marketing business in Singapore, for US$140 million. This move gave SPC control over the third- largest retail fuel network in the country and doubled its share of the local LPG market.
In 2005, SPC recorded a 50.3 per cent rise in group revenues, with profits of $404 million on a turnover of $7.5 billion. Its largest shareholder is Keppel Corporation.